By Mark Hunter
20 hours agoFri Jun 14 2024 08:56:59
Reading Time: 2 minutes
SEC Chair Gary Gensler has anticipated an Ethereum ETF approval by the end of the summer
Gensler has offered confusing opinions on Ethereum in the past
He informed the Senate subcommittee that Ethereum Spot ETF S-1 approvals are expected by September
Securities and Exchange Commission (SEC) Chair Gary Gensler has said that he envisions an Ethereum ETF being signed off by the “end of the summer”. Gensler, last year refused to state to the House Financial Services Committee whether Ethereum was a security or not, told a subcommittee of the Senate Appropriations Committee on Thursday that he envisions Ethereum Spot ETF S-1’s will be approved before the end of September. The news will set up a potentially buoyant summer for ETH holders which is yet to experience a Bitcoin-like ETF run.
SEC Goes Full Circle on Ethereum
The SEC has undergone a notable shift in its view on Ethereum over the years, reflecting the evolving landscape of cryptocurrency regulation. Initially, the SEC approached Ethereum with the same level of caution as all digital assets, primarily due to concerns over securities laws and investor protection.
In 2018, then-SEC Director of Corporate Finance, William Hinman, made a landmark speech suggesting that Ethereum, which initially may have been sold as a security, had sufficiently decentralized over time and thus did not qualify as a security under US law. This statement provided a significant boost to Ethereum and the broader cryptocurrency market, as it suggested a degree of regulatory clarity and acceptance.
Gensler Regime Has Undermined its Own Arguments
Under the leadership of SEC Chair Gary Gensler, appointed in 2021, the regulatory landscape has become more stringent. Gensler, known for his rigorous stance on cryptocurrency regulation, hinted that Ethereum could in fact be considered a security following its shift to a proof-of-stake consensus mechanism in September 2022.
This ambiguity has kept the market on edge, with many anticipating clearer guidance, guidance Gensler refused to give during a 2023 House Financial Services Committee hearing where he resolutely refused to clarify his views on Ethereum.
The SEC’s imminent approval of an Ethereum ETF comes at a time when the SEC is taking exchanges such as Coinbase to court over their Ethereum staking platforms, cases which is surely about to terminally undermine.
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